Vitro America Announces Response to Involuntary Chapter 11 Proceedings
December 10, 2010
Vitro America LLC in Memphis, Tenn., announced today that it and 14 other U.S. indirect subsidiaries of Vitro, S.A.B. de C.V. have filed a joint answer in the U.S. Bankruptcy Court for the Northern District of Texas, contesting the involuntary chapter 11 petitions filed against them on November 17 by dissident minority bondholders who together hold approximately 6 percent of Vitro SAB’s outstanding U.S. bonds. In its answer, Vitro America and its affiliates contest the basis for the involuntary petitions and assert affirmative defenses, including that Vitro America and its affiliates are generally paying their debts as they become due. A status conference before the Bankruptcy Court has been scheduled for December 20.
"Vitro America and its U.S. affiliates intend to continue to operate as usual with no changes to our day-to-day operations while the involuntary chapter 11 proceedings are being resolved. We are grateful for the support from our customers, vendors and employees during this time, and continue to ask for their cooperation as we continue to seek a prompt resolution of this matter for the benefit of all of our stakeholders,” says Arturo Carrillo, president and chief executive officer of Vitro America.
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